Road to Real Estate Mogul #2
Hey guys, it’s Garrett again with an update on my real estate mogul journey.
Today I want to talk about my plans for summer 2020.
My first step is to take out a mortgage for a property that I can rent out and live in. For that to be possible, I’ve put my focus on making a down payment on a duplex.
Half the house would be rental property and the other half would be my own living space.
The plan is to let the house pay for itself (some call this house hacking). With people renting, mortgage costs will be significantly lowered allowing me to save money while building equity.
Now the estimated cost to make a down payment on a duplex is around 20K-30K.
At the current monthly profit, I’ll have the money around October.
However before all of this, I need a better understanding of the industry.
I’ve been doing research and reaching out to local realtors to learn more about real estate.
More specifically, I’m interested in meeting and talking with real estate investors that have experience in the industry.
One of the reasons I’m so adamant on real estate investing is because I don’t want to spend my whole life working paycheck to paycheck. The idea of owning properties and renting them out is my method of generating passive income (for now).
Now I’m sure you’ve all heard of passive income.
It’s a source of income that doesn’t need active involvement.
E.g. Real estate investing, stock market, affiliate marketing, Udemy, etc.
For passive income, my current focus is in real estate investing because it’s quite interesting with massive potential.
I’m a huge advocate of taking control of your own life.
Don’t wait for opportunities to fall in your lap, it’s never gonna happen.
You are the one that determines how you want to live your life.
Make the most of it.
Follow me on socials :)
Instagram: https://www.instagram.com/garrettlanders/
Website: https://www.hustle4education.com/
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LinkedIn: https://www.linkedin.com/in/garrett-landers-714611182/
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